Forex Analysis: USD/JPY Classic Technical Report 12.24.2012
Prices are stalling below resistance at 84.54, the 50% Fibonacci expansion, with a Hanging Man candlestick hinting a move lower may be ahead. Near-term support is at 83.83, the 38.2% expansion. A drop below that targets the 23.6% Fib at 83.01. Alternatively, a reversal through resistance exposes the 61.8% level at 85.14
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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